Alabama ONE Credit Union to Enter into Transaction with Peoples Independent Bank

Alabama ONE Credit Union (“Alabama ONE”), headquartered in Tuscaloosa, Alabama, and Peoples Independent Bancshares, Inc., the holding company for Peoples Independent Bank, headquartered in Boaz, Alabama, are pleased to jointly announce the signing of a purchase and assumption agreement whereby Alabama ONE will assume substantially all of the assets and liabilities of Peoples Independent Bank.

The combination of Alabama ONE and Peoples Independent Bank will create a combined credit union with approximately $1.9 billion in assets, serving its markets throughout Alabama. The transaction is expected to close in the third or fourth quarter of 2026.

Peoples Independent Bank, a wholly owned subsidiary of Peoples Independent Bancshares, Inc. was founded in 1988 and has established itself as a reputable community bank with a long history of serving local families and businesses across northeast Alabama. As of December 31, 2025, Peoples Independent Bank had total assets exceeding $476 million.

This strategic acquisition marks a significant milestone for Alabama ONE as it continues its growth strategy in northeastern Alabama following its recent expansion in east central Alabama and southeast Alabama in the Wiregrass region.  This combination creates an opportunity to expand and better serve its membership in that geography.

“This combination represents a natural extension of our growth strategy and a shared continuing commitment to support and strengthen our local communities” said Whitney Oswalt, CEO of Alabama ONE Credit Union. “We are very familiar with Peoples Independent Bank and its leadership.  They have built strong local relationships and have a culture and strategic mission that aligns closely with ours. Together, we’ll be able to expand the types of products and services offered and better serve their customers and our current members living and working within the region.”

“We are excited about this next step and the opportunities it will bring to our customers and employees,” said Royce Ogle, President and CEO of Peoples Independent Bank. “Joining the Alabama ONE family provides us with additional resources, technology, and scale to continue providing exceptional service across our markets.”

Rosen Harwood is serving as legal counsel to Alabama ONE. Peoples Independent Bank is advised by Olsen Palmer LLC as financial advisor and Maynard Nexsen PC as legal counsel.